Payton was suspended for the entire 2012 season following the NFL's investigation into an alleged bounty scandal surrounding the Saints.
Assistant Joe Vitt has served as interim coach in Peyton's absence, leading the Saints to a 5-4 record since taking over in October after his own six-game suspension.
Payton has a regular season record of 62-31 in six season with New Orleans.
The Saints won the Super Bowl under Payton in 2010, and the team has totaled double-digit wins in four seasons during his tenure. Payton's playoff record with New Orleans is 5-3.
The 7-8 Saints will play their season finale Sunday against the Panthers, with a chance to finish the season with an 8-8 overall record.
After an 0-4 start, the Saints have won seven of their last 11 games, including their last two.